Factory orders increased 1.8% in November 2013. The ISM services index fell nine-tenths to 53.0 for December 2013. The U.S. trade deficit sharply narrowed $6.3 billion to $34.3 billion for November 2013. Consumer credit rose $12.3 billion (0.4%) to $3.087 trillion in November 2013. The U.S. economy added a mere 74,000 payroll jobs in December 2013, with the unemployment rate falling to 6.7%. Initial jobless claims fell 15,000 to 330,000 for the week ended 1/4.

• Factory orders increased 1.8% in November 2013. Excluding transportation, orders increased 0.6%.

• The ISM services index fell nine-tenths to 53.0 for December 2013. New orders fell to a sub-50 reading of 49.4.

• The U.S. trade deficit sharply narrowed $6.3 billion to $34.3 billion for November 2013. Exports rose 0.9% and imports fell 1.4%. This is the lowest monthly deficit since October 2009.

• Consumer credit rose $12.3 billion (0.4%) to $3.087 trillion in November 2013. Revolving credit (i.e., credit cards) was up 0.1% while non-revolving credit (i.e., auto loans) increased 0.5%.

• The U.S. economy added a mere 74,000 payroll jobs in December 2013, with the unemployment rate falling to 6.7%. This is well below the consensus for 200,000 payroll jobs and follows a revised increase of 241,000 payroll jobs for November, with net revisions totaling an additional 38,000 for November and October. Private payroll jobs increased by 87,000. The unemployment rate declined due to a sharp drop in the labor force—though household data show employment rose 143,000 in December, the labor force dropped by 347,000.

• Initial jobless claims fell 15,000 to 330,000 for the week ended January 4th.